The Company informed the BSE that the Board which met here, had approved the recommendations of the Investment Committee along with valuation reports to acquire Jass and Associates Inc., engaged in providing ERP solutions to fortune 100 clients and SDG Corporation, which provided Identity Management solutions, Digital Media and Broadcast to fortune 100 and fortune 500 clients for a total consideration of USD 55 million of which USD 20 million would be settled through issue of GDRs and the balance through cash payment.

The Board in their earlier meeting, decided for an issue of USD 50 million for FCCB and GDRs of USD 20 million aggregating to USD 70 million. The Company has completed the FCCB issue for USD 50 million. After review, the Board considered and approved the issue of GDRs for USD 21 million (USD 20 million towards purchase consideration for acquisition and the balance USD 1 million on cash basis).

They approved the Final Offering Circular in connection with the proposed GDR Issue upto USD 21 Million, to be filed with the Luxembourg Stock Exchange (LSE). The Board approved the issue of upto 10.5 million GDRs priced not less than USD 2 per GDR, which is in accordance with the pricing norms prescribed by the Ministry of Finance vide their notification dated August 31, 2005.